Crypto Witch Hunting Takes A Grim Shape In The US
Crypto World experienced witch-hunting as the US Government banned employees holding crypto from participating in regulation and policy frameworks. The advisory note prevents employees who hold a specific threshold limit from participating in the meetings. The reason being their investments in these assets affecting their policies.
What the Proposal Says?
As per the proposal, anyone that holds as low as $100 in crypto cannot participate in the stable coin regulation. However, if they give up the portfolio, they can participate. The ruling further says that participants cannot engage in the meeting even if in the future the government has plans to integrate the stable coin in their daily operations.
This ruling will not be subject to a specific employee but all government employees in the United States.
Exception To Rule
However, there’s one exception though where the policy makers who are participating in the formulation of the rules and policies to investment in mutual funds. These funds could be used to invest in various crypto projects. However, there’s a threshold limit where it shouldn’t surpass $50,000.
Though these steps undoubtedly could create bad sentiments against crypto investment in the US, president Joe Biden has other plans. In his latest rulings, he has advocated for cryptocurrencies and blockchain technology. He believes that only regulations could make ways for transforming the digital asset economy in the US. At present, there are almost 21% Americans who have traded crypto.